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Committee approves bill allowing nonadmitted insurers to write garage liability to help small dealers
Summary
Senate Bill 18 was advanced by the Senate Banking and Insurance Committee to allow nonadmitted (surplus-lines) carriers to provide garage liability coverage for motor vehicle dealers, supporters said this would expand market options for small dealers who are struggling to find coverage.
Senate Bill 18, approved by the Kentucky Senate Banking and Insurance Committee, would permit nonadmitted (surplus-lines) insurers to offer garage liability coverage required for motor vehicle dealer licenses in Kentucky, supporters said.
Adam Sheridan of Reed Brothers Insurance Services in Somerset told the committee that the marketplace for garage liability has contracted sharply in recent years. "When I started, there were more insurance companies than I could count. Now I tell people I can count on one hand how many insurance companies offer this coverage in the state of Kentucky," Sheridan…
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